Bitcoin fell by $3,000 within about an hour after Kevin Warsh finished his speech at Jackson Hole, dragging major altcoins lower and contributing to more than $200 million in liquidated positions, according to CoinGlass data. Bitcoin traded near $79,500 before the speech, dipped to $78,500 during it, and recovered to its starting level before selling intensified in the following hour. In his first speech at the helm of the US Federal Reserve, Warsh maintained a hawkish stance rather than following the example set by US Treasury Secretary Scott Bessent. He reaffirmed the Fed’s 2% inflation target as "firm and fixed" and said current inflation of around 3.7% remained too high. There was no official confirmation of a rate hike at next month’s FOMC (Federal Open Market Committee) meeting, but prediction-market odds increased. Ethereum fell 3% and lost the $2,500 level, BNB dropped below $700, and XRP declined 5% to below $1.40. ADA, XLM and BCH also recorded losses, while Bitcoin Cash plunged almost 9% over the day to below $250.